Banks and their important features
As customers, there are various features which we look for in a bank to determine if we should be associated with it. Some of such features include-
- Range of services available
- Charges levied on services
- Customer support and behavior of staff
- Penalties issued on customers
- Ease of doing business
- Accessibility of services- Website/ Mobile App
- Grievance redressal
Keeping in mind all these factors, we have curated for you a list of 8 best banks in India which will most likely cater to all of these above needs-
- IDFC First Bank Limited
IDFC FIRST Bank Limited is a well-known Indian bank that offers a wide variety of financial services to individuals, companies, and corporations. In December 2018, IDFC Bank and Capital First merged to become a single entity, combining their capabilities and skills to provide complete banking solutions.
Here are some of the primary advantages of banking with IDFC FIRST Bank:
- Complete Financial Solutions: Savings accounts, current accounts, fixed deposits, loans, credit cards, and wealth management solutions are among the financial products and services offered by the bank. Customers can effortlessly fulfil their varied banking and financial demands under one roof.
- Focus on Inclusive Banking: IDFC FIRST Bank places an emphasis on financial inclusion and offers services in both urban and rural locations. It has a large presence in rural and semi-urban areas, allowing communities that are under-served to access banking and supporting equitable economic growth.
- Customer-First Approach: The bank places a high value on client happiness and aims to provide great service. It focuses on understanding consumer demands and providing customized solutions to fulfill those objectives. The bank’s customer-centric strategy guarantees that its clients have a great banking experience. The bank entered the market with the motto “Always You First” and seems to have done an excellent job.
- For example, if you phone their customer service line, you will be connected to a banker 24 hours a day, seven days a week. No IVR. A consumer related his experience of writing a mail to them for a question resolution and receiving a call from one of their bankers the next day to help him. He mentioned that a bank will generally respond to your email within 2-3 business days, much alone make a call.
- Digital Banking Services: IDFC FIRST Bank places a high priority on digital transformation and provides comprehensive digital banking systems. Customers may simply access their accounts, perform transactions, pay bills, and use banking services by using the bank’s mobile financial app and online banking platform.
- Strategic Partnerships: The bank has formed alliances and collaborations with major insurance companies, mutual fund houses, and fintech businesses. Customers may now get access to a greater choice of financial goods, such as insurance plans, investment possibilities, and digital payment options.
- Competitive Interest Rates: IDFC FIRST Bank offers excellent interest rates on a variety of deposit plans, including fixed deposits, recurring deposits, as well as savings accounts. Customers can earn great returns on their savings and investments as a result of this.
- Sustainability is emphasized: The bank encourages sustainable practices and responsible banking. It raises environmental awareness and funds projects relating to renewable energy, waste management, and conservation. Customers may contribute to sustainability initiatives by banking with IDFC FIRST Bank.
Some of the well-deserved awards won by IDFC First Bank are-
- ‘Best Savings Account Product’ at the Financial Express India’s Best Bank Awards, held on August 28, 2022, in Mumbai.
- ‘Innovative Payment Solution of the Year’ at the The Times of India Gadgets Now Awards, 2022.
- ‘Best Financial Institution with Digital Innovation’ at the Bharat Fintech Summit’23.
- Three prestigious awards at ASSOCHAM’s 17th Annual Summit (The Associated Chambers of Commerce and Industry of India)
- Bank of Baroda
Bank of Baroda is one of India’s largest and oldest banks, having a long history dating back to 1908. Headquartered in Vadodara, Gujarat, it has a huge network of branches and ATMs throughout India and has a substantial global presence through its international offices and subsidiaries. The bank has continually played a crucial role in the growth of the Indian financial system, and it is known for its stability and dependability.
Bank of Baroda provides numerous benefits to its clients, including:
- Wide Range of Products and Services
- Extensive Network: Bank of Baroda has a strong presence in India and abroad, with a large network of branches and ATMs. Customers may readily access financial services regardless of their location, ensuring ease and accessibility.
- Technological Advances: The bank places an emphasis on technology-driven solutions and provides digital banking services such as online banking, mobile banking, and other digital platforms. Customers may easily access their accounts, conduct transactions, and use a variety of banking services online.
- Corporate Banking Expertise: Bank of Baroda has a strong focus on corporate banking and offers a variety of corporate finance solutions, trade finance services, treasury operations, as well as cash management services. It assists businesses of all sizes and sectors by meeting their particular financial needs.
- Client-Centric Strategy: Bank of Baroda places a premium on client happiness and aims to provide exceptional service. It concentrates on understanding consumer demands and providing customized solutions to fulfill those objectives.
- Strong Legacy and Credibility: Bank of Baroda has a long history in the Indian banking sector and is known for its stability and dependability. It has garnered various honors and accolades for its accomplishments and commitment to the banking sector, which has instilled faith and trust in its clients.
Bank of Baroda was named the “Best AI & ML Bank” among Large Banks at the renowned Indian Banks’ Association’s 18th Annual Banking Technology Awards, which were recently held in Mumbai. The bank also emerged as Runner-Up in the “Best IT Risk Management” as well as “Best Technology Talent” sections. These awards recognize the Bank’s ongoing efforts to develop its technology capabilities. The bank is adopting Artificial Intelligence and Machine Learning across a variety of use cases, as well as an effective risk management approach, to prevent potential hazards.
According to Shri Ajay K. Khurana, Executive Director of Bank of Baroda, Bank of Baroda has undergone a transformation over the course of the past few years. The bank has incorporated a variety of new technology to provide great customer service, make banking more safe and easier for consumers, and increase operating efficiencies. They are honored and overjoyed to earn these prestigious IBA honors.
- Union Bank of India
Union Bank of India serves as one of India’s largest publicly traded public sector banks. The government of India owns 89.07% of the bank’s capital. The bank was founded in 1919 and is headquartered in Mumbai. It has about 9500 domestic branches and over 13,300 ATMs. With effect from April 1, 2020, Andhra Bank and Corporation Bank merged into the Union Bank of India. It is the nation’s first large public sector bank to adopt a 100% core banking solution.
Union Bank of India has various distinguishing traits that add to its position as one of India’s greatest banks-
- Green Banking Initiatives: By incorporating eco-friendly methods into its operations, the bank actively supports green banking initiatives while emphasizing on environmental sustainability. It facilitates paperless banking, promotes renewable energy finance, and funds ecologically friendly enterprises.
- MSME Assistance: Its primary focus is on Micro, Small, and Medium Enterprises (MSMEs). The bank offers customized financial solutions to help MSMEs expand and thrive, such as specialized loan products, working capital financing, and help with government programmes and subsidies.
- International Presence: Union Bank of India has a significant worldwide presence via its foreign branches, representative offices, plus correspondent banking links. This allows the bank to offer full international banking services, such as trade financing, foreign exchange services, and remittances, enabling worldwide transactions.
- Technological Innovations: The bank places a strong emphasis on technology innovations and online banking services. The bank has launched a number of cutting-edge products and services, including digital wallets, U-Mobile, a mobile banking app, and UPI (Unified Payments Interface). Customers’ access to and convenience with financial services are improved by these initiatives.
- Financial Inclusion: Through a variety of channels, including as rural branches, mobile banking vans, as well as financial literacy initiatives, the bank seeks out to under-served and unbanked portions of the population, offering basic banking services and amenities. It seeks to increase economic opportunity for all people.
- Social programs: The Union Bank of India actively participates in a number of CSR (corporate social responsibility) programs. The bank provides funding for activities in medical care, educational, skill-building, and community welfare.
- Customer-Centric Approach: The bank constantly solicits consumer input and takes their recommendations into account to improve its goods, services, as well as overall banking experience. An important component of the bank’s operations is customer-centricity.
For its achievements in technology, digital banking, financial inclusion, MSME, and the advancement of human resources, the Bank has won several honors and accolades. In addition, Union Bank of India was named the winner of the Security Leader of the Year (BFSI) and Best Security Practices (DSCI AISS Award-2022).
- AU Small Finance Bank Limited
AU Small Finance Bank Limited, often known as AU Bank, is a Fortune India 500 company as well as a scheduled commercial bank. It began as AU Financiers in 1996 and became a banking institution in April 2017 under the Reserve Bank of India’s rules for small finance institutions.
AU Bank has various distinguishing traits which make it one of the greatest choices in banks of India-
- AU Bank has been designated as a “Great Place to Work-Certified Organization”: Employees and businesses throughout the world acknowledge Great Place to Work Certification as the ‘Gold Standard’ in finding and acknowledging excellent workplace environments.
AU Bank thrives in the five characteristics associated with High-Trust, High-Performance Culture: Credibility, Respect, Fairness, Pride, and Camaraderie.
- Focus on Small and Underserved Segments: AU Bank focuses on micro, small, and medium companies (MSMEs) and low-income people. The bank recognizes the distinct demands of these sectors and provides tailored banking solutions to meet their financial needs.
- Technology-Driven Approach: AU Bank uses technology to give its clients with seamless and practical financial services. The bank has invested in strong digital banking systems, such as online banking and mobile banking, allowing consumers to access their accounts, conduct transactions, and use financial services whenever and wherever they choose.
- Loan Processes that are simple and speedy: AU Bank has made simpler and optimized its lending processes to ensure speedy loan approvals and payouts. The bank assesses creditworthiness using sophisticated analytics and digital technologies, which reduces paperwork as well as processing time. This helps consumers, particularly MSMEs, to obtain finance for their business requirements on time.
- Initiatives for Financial Inclusion: The bank has opened branches in rural and semi-urban locations, bringing financial services to neglected populations. It aggressively promotes financial literacy initiatives, providing individuals with the knowledge and skills they need to efficiently manage their finances.
- Committed to Responsible Banking: AU Bank conducts responsible banking and adheres to strict risk management and governance requirements. The bank maintains operational openness and complies with regulatory regulations. It prioritizes long-term customer relationships built on trust, honesty, and ethical standards.
- Social Impact: The bank continually promotes charitable activities and community growth. The bank participates in corporate social responsibility (CSR) operations, with an emphasis on education, healthcare, and livelihood development.
AU Bank has earned a number of accolades and honors for its performance, inventiveness, and service to the banking sector. These honors show the bank’s dedication to excellence and its position as one of India’s leading banks.
This quarter, the bank established 42 new contact points, exceeding the 1,000 mark with branches in 21 Indian states and 3 union territories. Additionally, it increased its presence in Andhra Pradesh and Kerala over the past quarter. About 3.3 lakh new clients joined AU Small Finance Bank in the third quarter of FY23. The bank partnered with HDFC Life as well as ICICI Lombard for insurance, expanding their third-party capabilities.
The bank kept developing and enhancing its many digital projects, including its own app, AU 0101, video banking, along with credit cards. With a monthly card issue of 35,000, it currently has over 16 lakh digital subscribers and about 4 lakh credit card customers.
With the automation of more than 150 procedures, the automation drive at AU Small Finance Bank is also beginning to pay off. Long-term costs should be decreased as a result of this. In comparison to the prior quarter, the cost of funding went up by 14 basis points for the quarter. The capacity to reduce cost of funds is a major focus for the management as liquidity stays scarce and interest rates continue to be a significant factor.
- Equitas Small Finance Bank Limited
A well-known bank in India, Equitas Small Finance Bank Limited, specializes in meeting the financial requirements of neglected parts of society. The bank was founded in 2007 as a microfinance organization and changed its status to a small finance bank in the year 2016 in accordance with RBI requirements.
Equitas is a fresh Age Bank that offers a fresh banking experience to children, young adults, families, and business owners throughout India. As a microfinance institution, they worked quietly to improve lives and enable livelihoods. As a small financing bank today, they are additionally striving to alter the entire conception, practice, and experience of banking, with “trust” serving as the primary motivator.
Due to a number of distinctive characteristics that set it apart from other financial organizations, Equitas Small Finance Bank Limited stands out as one of the top banks in India, some of these are-
- Comprehensive Product Portfolio
- Customer-Centric Approach
- “Great Place to Work-Certified” organization
- Technology-Driven Solutions: The Bank uses technology-driven solutions to deliver simple and accessible financial services. Customers may make a variety of transactions, view account data, and take advantage of banking services anytime, anywhere with to the company’s internet banking platform or mobile application.
- Strong Ethical Values: The bank adheres to high ethical standards and employs ethical banking procedures. It places a high value on honesty, decency, and treating clients fairly, cultivating long-lasting relationships with them in the process.
- Emphasis on Financial Literacy: It seeks to increase people’s financial awareness and understanding, enabling them to make sound financial choices and efficiently manage their money.
- Strong Regulatory Compliance: RBI and other pertinent authorities are strictly followed by the bank when operating. Because of its dedication to regulatory compliance, its banking operations are trusted and consumers’ money is safe and secure.
The coveted Inclusive Finance India Awards 2022 were given to ESAF Small Finance Bank in recognition of its contributions to the cause of financial inclusion as well as inclusive growth. This honor honors the diverse range of Financial Inclusion initiatives that ESAF has undertaken, including ESAF Dhansree, ESAF Udyog Jyothi, LSEDP (Local Sustainable Economic Development Project), ESAF Balajyothi, ESAF Vayojyothi, and ESAF Garshom.
- DBS Bank India Limited
DBS Bank India Limited, a subsidiary of DBS Bank, is a well-known Indian financial company. DBS Bank India has proven itself as a key participant in the Indian banking business due to its substantial presence and dedication to innovation.
Following are some major characteristics that help define DBS Bank India Ltd.’s superiority:
- Digital Banking Expertise: It is well-known for emphasizing digital banking along with innovation. The bank has made major investments in advanced technology in order to provide smooth and user-friendly online banking systems to consumers. Its digital solutions improve the whole banking experience by providing ease, speed, and security.
- Sustainable Banking Practices: Environmental, social, and governance (ESG) factors are included into the bank’s commercial operations. It aggressively promotes renewable energy finance, green projects, and sustainability-focused programs, all of which contribute to a more sustainable and responsible future.
- Strong Corporate Governance: DBS Bank India implements strong corporate governance policies to ensure transparency, responsibility, and ethical behavior. The bank maintains the greatest levels of integrity along with regulatory compliance, building trust in its customers as well as stakeholders.
- Global Network and experience: As a subsidiary of DBS Bank, a major banking company in Asia, DBS Bank India benefits from its parent company’s experience and worldwide network. It connects users to a diverse range of foreign banking services, worldwide markets, and investment possibilities.
DBS Bank India has earned various honors and recognitions for its great performance and innovation, including the following:
- Euromoney: World’s Best Bank for SMEs 2022- Across Asia, the bank is effectively exporting its SME experience and modern financial technologies. DBS has benefited from the Covid-opportunist purchases mentioned by Euromoney a year ago when DBS was crowned the world’s best bank. The purchase of Lakshmi Vilas in southern India was especially significant in this regard. This nearly increased DBS’s liabilities and assets book in Indian SMEs, but without a significant change in asset quality.
- Global Finance: The Best Bank in the World 2022- Despite the ongoing epidemic, DBS saw growth in market serviced, digitization, and services offered in 2021, earning them the title of World’s Best Bank for the 3rd time.
- The ET BFSI Excellence Awards 2021 recognized DBS Bank India’s ongoing efforts to achieve digital transformation for its clients. The bank received two awards: one for its ‘DBS Rapid (Real-time API)’ solution in the ‘Innovative API/Open Banking model’ category and another for its ‘Intelligent Banking’ effort in the ‘Best Digital Customer Experience initiative’ category.
The ET BFSI Excellence Awards, an initiative of The Economic Times, recognize the greatest ideas and practices undertaken by the BFSI industry in an evolving and highly competitive sector.
- DBS Bank India received an award in the area of ‘Innovative API/Open Banking Model’ for DBS RAPID. The bank created a real-time, digital payment system for Transport Corporation of India Limited (TCI), one of India’s leading transportation and logistics companies. This one-of-a-kind system makes use of UPI, enabling TCI to provide actual time payment advances for vehicle owners, allowing them to take out money using any ATM. TCI has saved 4.5 million hours per year as a consequence of this solution, and transport operators have been able to make punctual deliveries.
- The bank was also recognized as the ‘Best Digital Customer Experience Initiative’ for its ‘Intelligent Banking’ proposal. Intelligent Banking serves as a driven by AI smart money management tool that provides users with predicted insights into their spending patterns as well as tips regarding monthly budget needs, allowing them to handle their money more effectively. This offers user-friendly features like monthly cash flow analysis, duplicate transaction warnings, routine transactions that have not been credited, future payments, FD maturities, and so on.
DBS has also created end-to-end digitized solutions that integrate banking into the client’s daily life. Digibank by DBS offers unsecured loans, same-day overseas remittances, and is the very first to provide paperless enrollment for various fund houses’ mutual fund investments. DBS Treasures offers an appealing combination of services along with financial solutions for wealthy customers. Within the app, the bank provides ‘Travel Now,’ an all-encompassing travel market.
DBS has also developed customized banking solutions for both major corporations and small and medium-sized companies. Recently, the bank collaborated to launch ODeX Pay Later Solutions powered by DBS, a simple credit alternative for freight forwarders. In collaboration with SWIFT Global Payments Innovation (gpi), DBS has also developed real-time internet-based tracking for international collections for Indian enterprises.
- SBM Bank (India) Limited
SBM Bank (India) Limited is a division of SBM Holdings, a renowned Mauritius-based financial company. In India, it functions as a full-fledged global bank, providing a wide variety of financial services and goods to people, businesses, and corporations.
It appears to be among the top banks in India because of various distinctive features such as-
- Global Experience: The bank benefits from the worldwide knowledge and expertise of its parent company, SBM Holdings. This enables the bank to provide a broad array of foreign banking products and services to its varied customer base.
- Advancements in Technology: The bank is at the frontier of technology breakthroughs in the financial business. The bank has invested in modern digital platforms, cutting-edge banking technology, and creative fintech solutions. This guarantees that clients have access to online banking experiences that are comfortable, secure, and easy to use.
- Customer-Centric Process: The bank aims to understand its clients’ individual requirements and preferences in order to provide customised financial solutions. It focuses on developing long-term connections and providing great customer service in order to improve the entire banking experience.
- Strong Risk Management: The bank has solid risk management policies in place to ensure the safety and security of its clients’ cash. The bank follows strict risk assessment procedures and employs effective risk mitigation techniques, giving clients peace of mind and financial security.
- Innovation and Digital Banking Initiatives: SBM Bank (India) is well-known for its forward-thinking digital banking efforts. The bank is always looking for innovative ways to use technology and give innovative alternatives to its clients. It invests in AI, data analysis, and automation to improve efficacy, ease of use, and client satisfaction.
- Industry Recognition: SBM Bank (India) has garnered praises and recognition for its exceptional services as well as contributions to the financial services industry.
Additionally, the Step-Up Credit Card is the first item to be released under Paisabazaar’s neo-lending approach. It was developed in collaboration with SBM Bank India.
Step Up Card is a secured card offered against a predetermined deposit (with SBM Bank India) that enables customers with bad credit or no credit history to gradually raise their credit score. users may enjoy the benefits of a credit card and earn high returns on their fixed deposits when they responsibly use the Step-Up Credit Card, which also helps users build a great credit score.
On the Paisabazaar portal, customers may apply for the Step-Up Credit Card via a fully digital as well as paperless procedure, with quick issue and activation. Through the Step-Up Credit Card, Paisabazaar and SBM Bank India are additionally creating a program that will permit credit limit adjustments depending on user usage and behavior.
At SBM Bank India, we believe smart banking – being a combination of technology and banking as a service, solves problems and empowers people. In India, the penetration of credit cards is low owing to lack of credit history and high delinquencies. We partnered with Paisabazaar to design a product that solved both these challenges – backed by a fixed deposit, it not only protects the quality of the assets but also helps build the credit score. We conducted a pilot program which witnessed great results and today we are launching the card for everyone.
– Neeraj Sinha, Head, Retail & Consumer Banking, SBM Bank India
- Deutsche Bank A.G.
A well-known multinational financial organization called Deutsche Bank A.G. works in India and provides a wide array of banking and financial services. The bank’s existence in India demonstrates its dedication to supporting the nation’s expanding economy and addressing the wide range of demands of Indian organizations, people, and enterprises.
The bank’s participation in the country is crucial for a number of reasons, including:
- International Connectivity: A crucial connection between India and financial markets around the world is provided by Deutsche Bank A.G. It enables overseas transactions, trade finance, overseas investment, as well as global banking capabilities as a global bank with a sizable network, allowing Indian enterprises and people to interact with global prospects.
- Corporate and Investment Banking: It supports Indian firms in gaining access to global financial markets, generating cash, and engaging in significant transactions including mergers, acquisitions, as well as initial public offerings.
- Trade financing and Export-Import Support: It offers trade financing solutions to both importers and exporters, that involve letters of credit and guarantees. These services aid in the promotion of international commerce, the stimulation of economic activity, and the expansion of businesses.
- Financial Markets Expertise- It supports Indian clients in managing complicated financial markets, risk management, and portfolio optimization.
- Technological Innovation: The bank places a premium on technology innovation and digital evolution. The bank uses sophisticated technology to improve operating efficiency, deliver smooth online banking instances, and offer new financial products. Its digital platforms allow users to effortlessly access a wide variety of financial services, boosting India’s burgeoning digital economy.
- Knowledge transfer and expertise: The bank provides to the Indian market its global experience and knowledge. By providing ideas, research papers, and market analyses, the bank helps to the growth of India’s financial system. Its presence supports best practices in financial services and banking by fostering knowledge transfer.
For the excellence of their work, Deutsche Bank India has received several important honors, including the 2022 FinanceAsia Country Award for the Most Innovative Use of Technology.
This award was given to the International Private Bank (IPB) team of Deutsche Bank India. A panel of seven pan-Asian specialists in business, finance, as well as corporate law decided who should get the prize. The honor acknowledged the application of cutting-edge internal fintech technologies for quicker loan processing and improved credit risk assessment. The most recent technology were used to construct the cutting-edge Early Warning System, which examines internal as well as external information about potential customers to provide credit supervisors with quick assessment.
Additionally, MyBank India, a mobile app from IPB, earned Gold at the 9th Global Customer Engagement Awards in 2020 under the area of Mobile Banking (Successful Use of Technology). The Asian Customer Engagement Forum (ACEF), a pan-Asian organization with a board of advisors made up of a number of the top brand, advertising, as well as creative firms in the world, hosts the Global Customer Engagement Awards every year.
Every year, submissions from all around Asia total close to 500. To win this prestigious prize in the mobile banking category, IPB India outperformed 35 other top companies from India, Sri Lanka, Bangladesh, Singapore, and the UAE.
The MyBank India app has grown steadily since its release in 2017. Over 70 functions are now available, including banking, transactions, and investing. It has a streamlined interface that works for both individual and business clients, and it is quick, practical, and extremely customizable.
In conclusion, India has a wide variety of banks to meet the demands of its enormous population in terms of finance. We have identified some of the top banks in India via in-depth research and analysis, taking into account a variety of aspects like customer service, product offers, and technological improvements.
There is a bank in India that can satisfy your needs, regardless of whether you value conventional banking services, state-of-the-art digital platforms, competitive interest rates, or individualized customer assistance. Before selecting a choice, keep in mind to consider your individual wants and preferences in great detail. You may start a path of financial security, ease, and wealth by selecting one of India’s best banks.